Average student debt?

Lokolo

Ok so I think Pinkstar is a little confuzzled. Obviously has to get SAAS to pay the fees but it doesn't get added to her debt as she seems to think.

Oldernotwiser

Lokolo wrote: »

Ok so I think Pinkstar is a little confuzzled. Obviously has to get SAAS to pay the fees but it doesn't get added to her debt as she seems to think.

That's rather what I thought.

squirrelchops

I am in my final year at Uni...i will owe nearly £20k when I graduate. Am I bothered....no not really! I have no other debt and in fact do not consider graduate debt a debt but for me is an investement in my future career.

I am 32 and getting the degree has meant I will be able to apply for jobs that without it would have been impossible and hence my future earnings will be higher.

I could in fact afford to pay off the debt in one go when I finish due to a pending inheritance pay out but I won't. The reason.....well I can make my money work for me at a better interest rate than what I owe.....if that makes sense.

I am frankly amazed that some people on my course are still in the 'all debt is bad' faction as the student loan is one thing you can actually make work for you in a positive manner if you are savvy.

I have to admit though that although my loan has had to pay for living costs like everyone else my course comes with a non repayable bursary of £4500 per year and that has helped tremendously. My annual 'income' from loan, grant and bursary has been £10,500 which is more than some people get paid in a full time job so I count myself as lucky.

The_One_Who

Just clarify the SAAS issue. Scottish students are charged tuition fees in a roundabout way, it's just that SAAS pay them and they are not added to your loan. The SLC is a different entity who will pay your loan. SAAS pay tuition fees and the bursary if you are eligible. The SLC will pay a maintenance loan, which is much less than English students can get.

If you have used up your available SAAS funding, then the SLC may well come in to play much more, but I have no real experience of that so can't comment.

neas

So mystery solved... 5k debt is for £1800 a year accomoadtion fees.

Against 20k debt when you pay 3k per year + an extra 2k per year for accomodation... = 15k +5k = 20k debt..

So you were saying how you dont realise someon can get 20k?

20k will be easy for the ones graduating in england now... 30k will not be unheard of with inflation taking into account and overdrafts etc.

Lokolo

neas wrote: »

So mystery solved... 5k debt is for £1800 a year accomoadtion fees.

Against 20k debt when you pay 3k per year + an extra 2k per year for accomodation... = 15k +5k = 20k debt..

So you were saying how you dont realise someon can get 20k?

20k will be easy for the ones graduating in england now... 30k will not be unheard of with inflation taking into account and overdrafts etc.

Eh?? Confused.

And you seem to think that people get into all this debt without having jobs, which, in fact, can easily half the debt

neas

I speak from experience.

I come out with 10k debt (4k was gifted by parents but it still wouldve been debt for another kid). after 4 years.. So i had 2.5k debt every year for my course.

Thats WITH working 16 hours a week riding a bike everywhere and being a non-sociable person (i played video games so no !!!!ing it up against the wall).

So i reckon minimum someone can come out with, without working 15+ huhours a week is 2.5k per year + 2k per year extra (tuition fees are 2k more now) is around 13.5k debt.

They still got ten grand AT least debt now... unless they saved before uni. And thats net debt.

princessj0

I'm about to go into my 4th and final year, and I think I owe about 21k to the student loans co, and 1.5k to the bank for my overdraft.

About £3,000 a year has been on tuition fees. Although, it keeps going up
Then I get about £4,000 in maintenance loan. I don't get any grants or bursaries, and my parents don't give me any money.
I pay £282 a month in rent, all bills included. Which leaves me with £700 for the full year to buy food, toiletries, books, equipment, and traveling costs. I usually work in the holidays, so I manage to save some to just about cover everything. Yep, moneys tight, but hopefully it'll all be worth it.

And unfortunatly, I don't get to go out with everyone else, and do all the social activities. But nevermind!!

mellymeep

I still pay 2k tuition fee's because I'm at Leeds Met, so I'm happy about that. Means a little less money to eventually pay off. I don't get any grants and worked 12 hours a week in my first 2 years. Got laid off last June though and have been trying for months to find a new job it sucks because I've got so many other students to compete against around here, I think Leeds has one of the highest student populations in the North cos there are 3 universitys and numerous colleges.

I'm not all that bothered about my debt, the way I see it is I've got the rest of my life to be worrying about money, when I eventually get into proper debts such as a mortgage, I'd rather just have a good time at the minute

pinkcloudnine

DS1 has graduated this summer with approx £14,000 debt. He lived at home for last 2yrs, worked part time all through uni & amazed his bank because he didnt want a credit card!!!!! All his debt is for accomodation [only 1st yr] & three yrs tuition fees. He has some savings, runs a car [just!!] & manages to go out every week. I am proud of him as he is managing his limited income well. Although the debt is horrendus to me & to him,it is the barest minimum he could have had. as now interest free, he will start paying it off in chunks when he joins the police in the near future.
DD1 has made a brill career choice, joined the merchant navy as a trainee officer, sponsered by her shipping line, no debt, allowance every month, all fees, accomadation paid for, a degree at the end of 3 & 1/2 yrs, with every possibilty of tax free salary if she goes deep sea!!!:D